HÜVITUSFOND

BALANCE SHEET



AUDITED BALANCE SHEET, H1 2001



Audited

in thousand EEK



ASSETS                                      30.06.2001 31.12.2000 30.06.2000



1.Cash and bank                                 87,911     75,255      3,733

2.Trading portfolio                             61,779     59,196     49,698

3.Loans and receivables                        238,036    272,708    300,223

4.Investment portfolio                         718,595    812,497    940,575

5.Investments in subsidiaries                  240,410    236,510    236,634

6.Investments in associated companies                0          0     15,988

7.Tangible assets                                2,061      2,600      3,149

8.Intangible assets                                 11         24         45

9.Other assets                                  32,515     36,143     56,183

TOTAL ASSETS                                 1,381,318  1,494,931  1,606,228



LIABILITIES AND OWNERS' EQUITY

Liabilities

10.Borrowings from credit institutions               0          0     16,000

11.Bonds issued                                281,340    424,511    509,759

12.Other bonds issued                                0          0          0

13.Other liabilities                            15,350     25,980     19,218

Total liabilities                              296,690    450,491    544,977

Owners equity

14. Capital stock                            1,304,081  1,445,579  1,626,957

15. Retained earnings                         -259,640   -419,083   -599,746

16. Net profit/loss for the period              40,188    -17,944     34,040

Total owners equity                          1,084,628  1,044,440  1,061,250

TOTAL LIABILITIES AND OWNERS' EQUITY         1,381,318  1,494,931  1,606,228





Jaanus Kosemaa

Public Relations manager

+372 6651 800